PRESS RELEASES

National Bank Investments Announces the Completion of a Fund Merger and a Change to the Management Fee Reduction Plan for High Net Worth Investors

Montreal, October 27, 2025

National Bank Investments Inc. (“NBI” or the “Manager”) announced today the completion of a fund merger (the “Merger”) and a change to the management fee reduction plan for high net worth investors (the “Reduction Plan”).

 

Completion of a Fund Merger

At the close of business on October 24, 2025, the exchange-traded fund units of the NBI Global Real Assets Income ETF (the “Merging ETF”) were exchanged for equivalent ETF series units of the NBI Global Real Assets Income Fund (the “Continuing Fund”), and the ETF units of the Merging ETF were delisted from the Toronto Stock Exchange (“TSX”). As of October 27, 2025, the ETF units of the Merging ETF will be substituted for ETF series units of the Continuing Fund and listed on the TSX under the same NREA ticker symbol.

In the Merger, the Merging ETF transferred all of its net assets to the Continuing Fund in return for ETF series units of the latter with an aggregate net asset value equal to the value of the assets transferred. Immediately thereafter, all outstanding securities of the Merging ETF were redeemed in exchange for ETF series units of the Continuing Fund on a one-for-one basis. As a result, unitholders of the Merging ETF received the exact same number of equivalent ETF series units of the Continuing Fund as they held in the Merging ETF prior to the Merger. The Merger was carried out on a tax-deferred basis.

Following the Merger, the Continuing Fund now offers both mutual fund series units and ETF series units. The investment objective of the Continuing Fund remains unchanged.

In addition, the Manager confirms that, on October 24, 2025, each unitholder of record in the Merging ETF received the final distribution shown in the table below (the “Distribution”). This is an update to the estimated final distribution amount announced October 17, 2025.

Merging ETF

TSX Ticker

Final Distribution Amount
(per ETF Unit)

NBI Global Real Assets Income ETF

NREA

$1.094004

 

The Distribution was not paid in cash. Instead, the amount was reinvested and the resulting ETF units immediately consolidated so that the number of ETF units held by each unitholder stayed the same. Unitholders who held their ETF units outside of registered plans will have taxable amounts to report and will see an increase in the adjusted cost base of their investment.

 

Change to the Reduction Plan

Effective as of December 24, 2025, NBI will discontinue the Reduction Plan applicable to the NBI SmartData U.S. Equity Fund and the NBI SmartData International Equity Fund. Please note that, on August 8, 2025, the management and administration fees for the Advisor, F, F5, FH, H, Investor, T5, ETF and ETFH Series of both funds were reduced.

To find out about the management and administration fee reductions applicable to these two funds since August 8, 2025, please consult the press release at the following address: https://www.nbinvestments.ca/about-us/press-releases/nbi-announces-fund-merger-fee-reductions-certain-funds.html or the Amendment no. 1 to the Simplified Prospectus of the NBI Funds and ETFs. For further details regarding the Reduction Plan, please consult the “Management fee reduction plan for high net worth investors” section in the Simplified Prospectus of the NBI Funds and ETFs.

The aforementioned change will be included in an amendment to the simplified prospectus for the NBI Funds and ETFs which will be filed on the SEDAR+ website and on the NBI website.

About NBI ETFs

NBI ETFs are offered by National Bank Investments Inc., an indirect wholly owned subsidiary of National Bank of Canada and sold by authorized dealers. Management fees, brokerage fees and expenses all may be associated with investments in exchange-traded funds (“ETFs”). Please read the prospectus or ETF Facts document before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated. ETF units are bought and sold at market price on a stock exchange and brokerage commissions will reduce returns.

About the NBI Funds

The NBI Funds (the “Funds”) are offered by National Bank Investments Inc., an indirect wholly owned subsidiary of National Bank of Canada and sold by authorized dealers. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus of the Funds before investing. Securities of the Funds are not insured by the Canada Deposit Insurance Corporation or any other government deposit insurer. The Funds are not guaranteed, their values change frequently, and past performance may not be repeated. ETF Series units of the Funds are bought and sold at market price on a stock exchange and brokerage commissions will reduce returns. ETF Series of the Funds do not seek to return any predetermined amount at maturity.

About National Bank Investments Inc.

National Bank Investments Inc. (“NBI”) is an investment funds management firm committed to manufacturing and offering mutual funds, investment solutions and services designed to help Canadian investors pursue their financial goals. As at September 30, 2025, assets under management in NBI products were valued at over $105 billion.

Guided by an open architecture strategy, NBI is dedicated to providing diverse solutions to meet the evolving needs of its clients. NBI consistently strives to be recognized as a key partner by combining innovation and excellence. NBI’s role is not limited to administrative aspects of management; NBI Advisory Services and its registered representatives form a team of specialists who provide information and advice to help advisors build portfolios adapted to their clients’ financial needs. Follow NBI’s activities at nbinvestments.ca or via social media.

National Bank Investments is a signatory of the United Nations-supported Principles for Responsible Investment, a member of Canada’s Responsible Investment Association, and a founding participant in the Climate Engagement Canada initiative.

About National Bank of Canada

With $553 billion in assets as at July 31, 2025, National Bank of Canada is one of Canada’s six systemically important banks. The Bank has approximately 34,000 employees in knowledge-intensive positions and operates through three business segments in Canada: Personal and Commercial Banking, Wealth Management and Financial Markets. A fourth segment, U.S. Specialty Finance and International, complements the growth of its domestic operations. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank’s activities at nbc.ca or via social media.

Information:

Alexandre Guay

Chief Advisor, Public Affairs
National Bank of Canada

alexandre.guay@nbc.ca
514-412-5125